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Oil condition monitoring is used to measure equipment parameters like the temperature or the condition of the oil to be able to detect future failures. Its ability to prevent unplanned downtimes, helps companies save losses. The growing automation in all industries has led to a growth in the oil condition monitoring market.
Based on the product type, the market is classified into turbine, compressors, engines, gear systems, and hydraulic systems. The turbine segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as they use high-quality oils as lubricants for extreme operating conditions, which increases wear and tear.
Based on the sampling type, the global market is classified as on-site and off-site. The on-site segment accounted for the major share in the market. The on-site segment is used to control oil wastage and disposal to reduce downtime by reducing service and maintenance costs.
Based on end-user, the global market is classified into transport, industrial, energy & power, oil and gas, mining, and others. The transport segment accounted for the major share of the market and it is anticipated that it will maintain its attractiveness during the forecast period, as oil condition monitoring is crucial to avoid engine failures, especially in airplanes and ships.
Many industries are opting for predictive maintenance to avoid unplanned downtimes to prevent losses. Oil condition monitoring, being a crucial part of predictive maintenance, is hence, growing. The boom in the automobile industry has also led to the rising adoption of oil condition monitoring. This factor is likely to drive the global oil condition monitoring market during the forecast period.
The key market restraint for the market is the fluctuations in the prices of the raw materials of oil condition monitoring, which lead to fluctuating prices of the system. This is affecting the growth of the market.
Key Market Driver -
Growing adoption of predictive maintenance in industries
Key Market Restraint -
Fluctuations in prices of raw materials
Some of the major companies in the oil condition monitoring market are Parker Hannifin, NI (National Instruments), Rockwell Automation, Honeywell, UNIMARINE, Chevron, GE, Shell, Bureau Veritas Group, bp, Eaton, Intertek, SGS, and Total.
The global oil condition monitoring market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the major share of the global market, as most of the industries requiring the oil condition monitoring system, like Automobile, Oil and Gas, Mining, are situated in the region. The North America market is also increasing due to the growing adoption of predictive maintenance in the U.S. and Canada. Asia-Pacific is the fastest-growing region for the global oil condition monitoring market, owing to the rising adaptation of advanced technology coupled with the boost in the automobile sector in nations such as India and China.
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